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SBI’s Digital Rupee Now Linked to UPI – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

SBI’s digital rupee now linked to UPI

State Bank of India (SBI) has made the NPCI’s UPI system interoperable with its digital rupee (e₹) as part of the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) programme. The SBI digital rupee will now be accessible through the ‘eRupee by SBI’ application. Users can scan any merchant UPI QR code for swift and secure transactions. SBI was among the first few banks to participate in the RBI’s retail digital e-rupee project in December 2022.

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Vi clears 10% statutory dues for Q1

According to a Times of India (TOI) report, Vodafone Idea (Vi) cleared nearly 10% of the statutory dues needed to pay to the Department of Telecom (DoT) for the April-June quarter. The company has also assured DoT to pay the remaining amount by the end of September. Vi had to pay a license fee of around ₹770 crore by July and ₹1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year.

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Oil India board okays Rs 1,738-crore equity investment in NEGDL

Oil India Ltd (OIL) has received board approval for its equity investment in its joint venture (JV) company, the North East Gas Distribution Company Ltd (NEGDCL). The JV is in partnership with Assam Gas Company Ltd (AGCL). OIL’s board approved an investment of up to ₹1,738 crore. This strategic investment aligns with Oil India’s 49% shareholding in NEGDCL, as it takes a substantial step forward in the execution of city gas distribution (CGD) projects.

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BHEL bags order for India’s largest multipurpose hydropower project

Bharat Heavy Electricals Ltd (BHEL) has secured an order for electro-mechanical works for the 2,880-MW Dibang multipurpose project in Arunachal Pradesh. This is India’s largest-capacity hydropower project. The order was received from the National Hydroelectric Power Corporation (NHPC). This order involves a 12×240 MW hydropower project situated in Roing, in the Lower Dibang Valley district of Arunachal Pradesh.

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Indian Bank partners with IBM to deploy compute infrastructure

Indian Bank has partnered with IBM to deploy new front-end banking applications and provide the bank with safe computing infrastructure. With this partnership, Indian Bank wants to consolidate its Front Branch Servers for better manageability and availability at both Data Centres (DC) and Disaster Recovery (DR) centres in Mumbai and Chennai.

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Sundaram Home Finance plans to enter affordable home loan segment

Sundaram Home Finance (SHF) is planning to enter the affordable home loan segment, which is growing fast in sync with the government’s “housing for all” goal. The company will focus on Tier-2 and Tier 3 towns for its diversification into the affordable housing segment. Sundaram Home Finance had ₹11,200 crore of assets under management at the end of March 2023. SHF is a wholly-owned subsidiary of Sundaram Finance.

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EFC India starts 65,000 sq ft co-working centre in Noida

EFC (I) Ltd has entered into the Delhi-NCR market with the start of a new centre in Noida comprising 65,000 square feet of area. The new centre will house brands, including Tata Capital and Virtuous Transactional Analyst, among others. EFC will itself occupy 25,000 square feet of office space. Delhi NCR has been among the top three national markets in office leasing.

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IndiGo, Air India to set up leasing units at GIFT City

IndiGo and Air India will set up leasing arms at GIFT City, Gujarat. The government’s plan of projecting India as a hub of aircraft leasing will get a big boost with this move. IndiGo has around 1,000 aircraft in its order book. It will set up a leasing unit for financing its aircraft by investing ₹30 crore. The airline will also issue a corporate guarantee of up to $996 million for payment obligation of the company.

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Muthoot FinCorp launches Rs 400 crore in NCDs in bid for capital growth

Muthoot FinCorp Ltd has unveiled its 16th series of secured, redeemable, non-convertible debentures (NCDs). The issue aims to raise a corpus of ₹400 crore. This offering falls within the company’s shelf limit of ₹1,100 crore, signaling its intent to tap into the investment market effectively. The inaugural tranche of ₹100 crore, which includes a green shoe option of ₹300 crore, forms the “Tranche I Issue.” This offering opened to the public on Sept 1, 2023, and will remain accessible until Sept 14, 2023.

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India seeks asset valuer for strategic divestment of IDBI Bank

The Indian government has initiated the process of appointing an asset valuer for the strategic divestment of IDBI Bank. The move is part of its ongoing efforts to optimise its stake in the financial institution. The selected asset valuer will play a crucial role in determining the fair value of IDBI Bank’s assets and liabilities.

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RBI Raises Repo Rate by 35 bps to 6.25% – Top Indian Market Updates

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RBI

Here are some of the major updates that could move the markets tomorrow:

RBI raises repo rate by 35 bps to 6.25% 

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) increased the repo rate from 5.9% to 6.25% (up 35 basis points). With this hike, the RBI has broken the 50-basis-point-hike trend it opted for in each of the last three policy meetings. The RBI also cut India’s GDP growth projection for FY23 from 7% to 6.8%. The central bank retained the FY23 inflation projection at 6.7%.

[The repo rate is the key rate at which the RBI lends short-term funds to commercial banks. 100 bps = 1%]

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Indus Towers to raise up to ₹1,500 crores via NCDs

Indus Towers Ltd’s board has approved raising up to ₹1,500 crores through the issuance of non-convertible debentures (NCDs) in three rounds on a private placement basis. The company will allot 15,000 rated, listed, unsecured, redeemable NCDs of the face value of ₹10 lakh each. The funds will be utilized for the company’s growth and capital expenditure (capex) needs.

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India’s April-November finished steel exports fall 55% YoY

India’s finished steel exports fell 55% year-on-year (YoY) to 4.3 million tonnes (MT) from April to November 2022 due to a slowdown in global demand and the decision by India to impose an export tax on some steel products. The country’s finished steel output rose 6.4% YoY to 77.7 MT during the same period, while consumption went up by 12% to 75.3 million tonnes.

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5G services expanded to 50 towns since October 1: Ashwini Vaishnaw

Telecom operators have expanded 5G services to 50 towns across India since the launch on October 1, said Communications Minister Ashwini Vaishnaw. “No feedback/complaints have been received by telecom service providers (TSPs) for any difficulties faced by 5G users wherever the 5G network is available,” he added. TSPs (Reliance Jio, Bharti Airtel) are presently providing 5G services to their subscribers with 5G-enabled devices at no extra cost.

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GMR Airports, NIIF announce partnership to invest in three airports

GMR Airports Ltd (a subsidiary of GMR Airports Infrastructure Ltd) and the National Investment & Infrastructure Fund (NIIF) announced a financial partnership for NIIF to invest in the equity capital of three airport projects. This includes the greenfield international airports at Mopa (Goa) and Bhogapuram (Andhra Pradesh). It will be NIIF’s first investment in an airport asset in the country and its first direct investment in Goa.

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IIFL Securities’ online retail trading business to merge with 5paisa Capital

Discount broking firm 5paisa Capital Ltd (an IIFL Group firm) has decided to merge IIFL Securities’ online retail broking business with itself. The reorganization between the two IIFL Group entities aims to consolidate the online retail trading businesses under one single entity. After the transaction, IIFL Securities will focus on wealth management and advisory. The merger will increase 5paisa.com’s customer base by 40% to 4.7 million.

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Dabur plans to enter the feminine care market

Consumer goods firm Dabur Ltd plans to enter India’s feminine care market. In the ₹5,400-crore sanitary napkin segment, Dabur’s new product under the “Fem” brand will compete with P&G’s Whisper and Johnson & Johnson’s Stayfree. The product will be exclusively launched on Flipkart.

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Tech Mahindra Reports 26% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tech Mahindra Q2 Results: Net profit rises 26% YoY to Rs 1,339 crore

Tech Mahindra reported a 25.8% year-on-year (YoY) increase in consolidated net profit to Rs 1,338.7 crore for the quarter ended September (Q2 FY22). Net profit fell 1.07% compared to the previous quarter. Its revenue from operations rose 16.1% YoY (or 6.7% QoQ) to Rs 10,881.3 crore during the same period. EBITDA stood at Rs 1,995 crore, up 17.2% YoY and 6.3% QoQ. The IT company’s board has declared a special dividend of Rs 15 per share.

Tech Mahindra has acquired Lodestone, a digital engineering quality assurance provider for new-age digital firms, for $105 million (~Rs 789 crore). It has also acquired WMW by Born London Ltd, UK, for ~Rs 97 crore.

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Tata Power completes installation of over 1,000 EV charging stations in India

Tata Power announced that it now has a network of more than 1,000 electric vehicle (EV) charging stations across the country. The network provides innovative and seamless EV charging experiences for Tata Power’s customers across offices, malls, hotels, retail outlets, and places of public access. Tata Power EZ Chargers ecosystem covers the entire value chain of the public, captive, bus/fleet, and home chargers.

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Indus Towers Q2 Results: Net profit rises 38% YoY to Rs 1,559 crore

Indus Towers reported a 38% YoY increase in consolidated net profit to Rs 1,559 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 8% YoY to Rs 6,877 crore during the same period. EBITDA stood at Rs 3,641 crore in Q2, up 17% YoY. With a portfolio of over 1.83 lakh telecom towers, Indus Towers is one of the largest tower infrastructure providers in India, with a presence in all 22 telecom circles. 

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JSW Steel to set up colour coated steel facility in Kashmir

JSW Steel will set up a colour-coated steel facility in the Pulwama district of Kashmir with a total investment of Rs 150 crore. With a capacity of 120,000 metric tonnes per annum (MTPA), the facility will also have special lines to produce steel sandwich panels and steel doors for the local market in Jammu and Kashmir. JSW Steel is India’s leading integrated steel company with a capacity of 27 MTPA. It aims to produce 40 million tonnes of steel annually by 2025.

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SRF Q2 Results: Net profit rises 21% YoY to Rs 382 crore

SRF Limited reported a 21% YoY increase in consolidated net profit to Rs 382.45 crore for the quarter ended September (Q2 FY22). Total income rose 35% YoY to Rs 2,850.1 crore during the same period. Earnings before Interest and Tax (EBIT) increased 19% YoY to Rs 570 crore in Q2. To enhance the production capacity of a key product in the agrochemical segment, SRF’s board has approved an expansion project at Dahej at a projected cost of Rs 27.5 crore.

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TVS Motor partners with Bahwan International Group to strengthen presence in Iraq

TVS Motor Company has signed a tri-party deal arrangement with Bahwan International Group (BIG) to boost its presence in Middle East’s Iraq and other North African regions (MENA). As per the deal, ARATA International FZC (a subsidiary of BIG) will be the new distributor of TVS in Iraq. BIG and its channel partners plan to operate more than 30 dealerships for TVS Motor Company.

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CSB Bank Q2 Results: Net profit rises 72% YoY to Rs 119 crore

CSB Bank reported a 72% YoY increase in net profit to Rs 118.57 crore for the quarter ended September (Q2 FY22). Net profit rose 94.4% compared to the previous quarter. Its net interest income (NII) rose 21% YoY to Rs 278 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 4.11% in Q2, compared to 4.88% in the previous quarter. Deposits grew 9.09% YoY to Rs 19,055.49 crore in Q2.

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Mindtree launches industry-specific IoT solutions built on ServiceNow Connected Operations

Mindtree has announced an expanded relationship with US-based ServiceNow, a leading digital workflow company. As a partner for ServiceNow Connected Operations, Mindree will build industry solutions to help enterprises turn data from their Internet of Things (IoT) infrastructure into actionable workflows. The combined solutions of Mindtree and ServiceNow will allow customers to break down data silos and resolve issues proactively. 

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CEAT Q2 Results: Net profit falls 77% YoY to Rs 42 crore

CEAT Limited reported a 77% YoY decline in consolidated net profit to Rs 42.28 crore for the quarter ended September (Q2 FY22). Net profit increased 75% compared to the previous quarter. Its revenue from operations rose 24% YoY (or 29% QoQ) to Rs 2,451.76 crore during the same period. The tyre manufacturer’s total expenses stood at Rs 2,401.64 crore in Q2, an increase of 32.3% YoY. CEAT Ltd’s board has approved a proposal to raise up to Rs 500 crore via the issue of non-convertible debentures (NCDs).

The Ramco Cements Q2 Results: Net profit jumps two-fold YoY to Rs 515 crore

The Ramco Cements reported a 111.83% YoY jump in consolidated net profit to Rs 515.84 crore for the quarter ended September (Q2 FY22). Net profit increased 200.87% compared to the previous quarter. Its total income rose 18.6% YoY (or 21.8% QoQ) to Rs 1,510.33 crore during the same period. The cement manufacturer’s total expenses stood at Rs 1,231.6 crore in Q2, an increase of 32.3% YoY. Cement sales grew 23% YoY to Rs 2.71 million tonnes.

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Colgate-Palmolive Q2 Results: Net profit falls 2% YoY to Rs 269 crore

Colgate-Palmolive India reported a 1.83% YoY decline in consolidated net profit to Rs 269.17 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 5.19% YoY to Rs 1,343.96 crore during the same period. The company’s board has declared an interim dividend of Rs 19 per share.

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Indus Towers Reports 38% YoY Rise in Net Profit in Q4 – Top Indian Market News

Indus Towers Q4 Results: Net profit rises 38% YoY to Rs 1,364 crore

Indus Towers Limited reported a 38% year-on-year (YoY) increase in consolidated net profit to Rs 1,364 crore for the quarter ended March (Q4). Its revenue from operations rose 3% YoY to Rs 6,492 crore during the same period. The company added 3,715 towers across 22 telecom circles in India in Q4 FY21. As of March 31, 2021, Indus Towers owns and operates 1,79,225 towers with 3,22,438 co-locations across the country.

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L&T Construction secures order from Oilfield Supply Company Saudi

Larsen & Toubro Limited (L&T) said its construction arm has received a significant order (in the range of Rs 1,000-2,500 crore) from Oilfields Supply Company Saudi to design and build an oil and gas supply base at King Salman Energy Park, Dammam. The project involves the construction of industrial facilities of different sizes, an administration building, associated infrastructure, and storage yards. The project is scheduled to be completed in 30 months.

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Vodafone Idea approaches pension funds to raise $1 billion: Report

As per a report from the Economic Times, Vodafone Idea (Vi) is looking to raise around $1 billion (~Rs 7,500 crore) from pension funds to keep its India business on track. The report states that Vi has approached three Canadian pension funds— Caisse de Dépôt et Placement du Québec (CDPQ), Canada Pension Plan Investment Board (CPPIB), and Ontario Teachers’ Pension Plan (OTPP). It has also approached Norway’s Government Pension Fund Global.

In other news, Vi has rolled out new postpaid plans for businesses and working professionals with benefits such as mobile security, location tracking, data pooling, etc. The plans, which start at Rs 299, are targeted at Small and Medium Enterprises (SMEs) and startups.

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Easy Trip Planners partners with JustDial to offer air travel services

Easy Trip Planners has announced a partnership with local search engine JustDial to offer air travel services. Through this collaboration, EaseMyTrip will be the exclusive service provider for all flight bookings on JustDial. There will be direct API (application programming interface) integration of EaseMyTrip with JustDial wherein real-time bookings can be executed.

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Infosys inks pact with BP to develop integrated EaaS offering

Infosys Limited has signed a Memorandum of Understanding (MoU) with UK-based BP to develop an integrated Energy-as-a-Service (EaaS) offering that will provide end-to-end management of customers’ energy assets and services. The companies will explore opportunities using BP’s energy and mobility expertise and Infosys’ digital capabilities to manage energy assets, provide low carbon power, and low carbon heating/cooling to campuses. The collaboration seeks to apply digital services to integrated energy solutions to help de-carbonize corporations and cities.

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Filatex India Q4 Results: Net profit jumps 5-fold to Rs 118.39 crore

Filatex India Limited reported over five-fold year-on-year (YoY) increase in net profit to Rs 119.39 crore for the quarter ended March (Q4). Its total revenue rose 27.48% YoY to Rs 858.16 crore during the same period. The company’s board has recommended a final dividend of Rs 0.40 per share. Filatex India is a textile production company based in New Delhi.

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Tata Motor’s JLR suspends work at UK plants amid semiconductor shortage

Jaguar Land Rover (JLR) has temporarily shut down production at two of its main UK factories due to a shortage of semiconductors. The shutdown is scheduled to last at least a week, and the company will continue to monitor its chip supply before committing to a reopening date. The semiconductor crisis has been affecting global vehicle production for several months now, following a surge in demand for smartphones and personal computers amidst the impact of the Covid-19 pandemic.

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Visaka Industries Q4 Results: Net profit rises 350% YoY to Rs 30.87 crore

Visaka Industries Limited reported a 350.66% YoY increase in net profit to Rs 30.87 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown by 33.81%. Its revenue from operations rose 55.47% YoY to Rs 356.60 crore during the same period. The company’s board has recommended a final dividend of Rs 10 per share. Visaka Industries is a leading manufacturer of cement roofing sheets and fibre cement boards in India. 

Caplin Point gets USFDA approval for Neostigmine Methylsulfate Injection

Caplin Steriles, a subsidiary of Caplin Point Laboratories, has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)— Neostigmine Methylsulfate injection. The approved product is used for the reversal of the effects of non-depolarizing neuromuscular blocking agents (NMBAs) after surgery. As per IQVIA data, the product had US sales of approximately $20 million (~Rs 150 crore) for the 12-months ended December 2020. 

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Subex launches augmented analytics platform HyperSense

Subex Limited has announced the launch of HyperSense, an end-to-end augmented analytics platform. The platform will help enterprises make faster, better decisions by leveraging Artificial Intelligence (AI) across the data value chain. HyperSense’s unique no-code capabilities allow users without a knowledge of coding to easily aggregate data from disparate sources, turn data into insights, and effortlessly share their findings across the organization.

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Tata Elxsi Q4 Results: Net profit rises 40% YoY to Rs 115 crore

Tata Elxsi Limited reported a 40.3% YoY increase in net profit to Rs 115.16 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown by 9.4%. The IT services company posted an 18.12% YoY rise in revenue to Rs 518.50 crore during the same period. The company’s board has announced a final dividend of Rs 24 and a special dividend of Rs 24.

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